ALEXANDRIA, VA, Sept. 24, 2010—The Independent Insurance Agents & Brokers of America (the Big “I”) announced the 224 independent insurance agencies from across the country that have been selected for the 2010 Best Practices Study.
The Best Practices Study was initiated by the Big “I” in 1993 as the foundation for efforts to improve agency performance and enhance agency value. The survey and study of leading independent insurance agencies documents the business practices of these “best” agencies and urges others to adopt similar practices.
“The Big ‘I’ is proud to have such a fine cross-section of the independent agency system represented in the 2010 Best Practices Study,” says Madelyn Flannagan, Big “I” vice president of agent development, education and research. “Inclusion in the Best Practices Study has become a prestigious recognition for the top insurance agencies in the United States and we look forward to showcasing the results.”
Once every three years, the Big “I” asks its insurance company partners, state association affiliates and other industry organizations to nominate those agencies they believe to be among the most efficient and high performing agencies in the industry for each of the studies’ revenue categories. “Best Practices” firms throughout the nation are selected for outstanding management and financial achievement in six revenue categories (under $1,250,000; $1,250,000 to $2,500,000; $2,500,000 to $5,000,000; $5,000,000 to $10,000,000; $10,000,000 to $25,000,000; and over $25,000,000). More than 1200 independent agencies and brokers of varying sizes across the country were nominated to take part in the study.
The leading agencies included in the annual study must be nominated for participation. These agencies are asked to submit operational information in many areas. This information is carefully evaluated and ranked, culminating in the choice of the top 30-35 agencies in each revenue category earning the status of “Best Practices Agency.”
Click HERE for a list of the 2010 Best Practices Agencies. More information is also available at www.independentagent.com or bp.reaganconsulting.com including an HTML version of executive updates; download a Best Practices comparison spreadsheet to compare your agency’s year-end results with the study’s results; access other Best Practices studies, tools, and products; and download order forms.
The annual Best Practices Study originated in 1993 as an initiative by the Big “I” to help its members build and maintain the value of their most important assets-their agencies. By studying the leading agencies and brokers in the country, the association hoped to provide member agents with meaningful performance benchmarks and business strategies that can be adopted or adapted for use in improving agency performance, thus enhancing agency value. The Big “I” retained the principals of Reagan Consulting to create and perform the first Best Practices Study. Annual updates conducted by Reagan Consulting continue to provide important financial and operational benchmarks, and the study is recognized as one of the most thoughtful, effective and valuable resources available to the industry.
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, and health—as well as employee benefit plans and retirement products. Web address: www.independentagent.com.